A guide to Vendor Management Systems (VMS)
Read this guide to find out what a VMS can do for you, and the features required to manage your flexible workforce successfully.
A Vendor Management System is an application that helps businesses hire and manage a flexible workforce including provisioning via third-party staffing suppliers.
Modern systems include support of additional hiring channels including micro-task portals, job boards, Statement of Work (SOW) contracting, etc.
The functionality of Vendor Management Systems continues to evolve. Digital technologies like artificial intelligence, virtual interview rooms, and chatbots are now being embraced by the latest systems.
Key features of VMS include:
- Automation of the recruitment life-cycle of contingent workers
- Skills validation, IC compliance, background checks
- Gaining visibility over the external workforce and spend
- Timesheet and expense fulfillment including support of the purchase-to-pay process
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